In its business update, AEM attributed the drop to a slower-than-expected recovery from its key customer, as well as a build-up of inventory in the life science and industrial sectors which affected its contract manufacturing revenue for the quarter.
Analysts from CGS International and UOB Kay Hian have downgraded their calls on AEM Holdings (SGX:AWX
) to “reduce” and “sell” respectively.
The analysts’ reports come after the company reported earnings of $2.4 million for the 1QFY2024 ended March 31, 85% lower y-o-y, coming in 5.4% of the Street’s full-year expectations.
